Tuesday, January 17, 2012

The Tide is Turning

Probably most of you think that prices in real estate are dropping, with no end in sight.  I would certainly think so as well, if I went by what I read in the national press.  That's why I found it so interesting to look at our numbers for the region for the last quarter of 2011. 

Prices in the New Haven area went up 0.7% for the last quarter of 2011 versus the last quarter of 2010, and the number of sales went up 2.8% for the same period.  While that might not seem like much of a jump, it must be compared to the impression people have that prices are falling.  It's not apples to apples--it measures the total sales against the total sales, not the same houses being transferred each year--but it's a good indicator that the bottom of the market may well have come and gone.  When both prices and units rise, it's not too likely that one of the trends is an aberration.  Prices may not jump, and there may be a few hiccups involving taxes and financing, but the fundamentals are there, and we should see some of the rewards this year. 

If you are interested in seeing all the statistics yourself, please check our website at http://www.hpearce.com/.